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Posts Tagged ‘Income Tax’
Happy Tax Freedom Day 2013 to Connecticut Taxpayers
Tax Freedom Day for the country was on April 18, 2013. This is the day when, on average, taxpayers have paid all of their taxes for the year and now begin to keep what they earn. Tax Freedom Day in 2013 was 5 days later than last year. This is partially due to the American Taxpayer Relief Act passed in late December 2012.
5 Lessons Learned From Tax Season
Another Tax Season has come and gone. Here are the 5 Lessons Learned from this Tax Season.
1) Don’t Pass Tax Legislation on December 31
Congress passed the American Taxpayer Relief Act on December 31, 2012. It’s clear that no one voting on it read it, much less understood it. The timing of this legislation was not good. Due to the late passage of this bill the IRS was … Continue reading »
3 Reasons I Encouraged My Son to Open a Roth IRA
I recently suggested to my son that he open a Roth IRA. Here are the 3 reasons why.
1) He’s Young
The Roth IRA offers a huge advantage over a regular IRA. This is particularly so for younger people. With the IRA you are (generally) allowed a tax deduction for this. The IRA grows tax deferred. You can … Continue reading »
How to Get an IRS Tax Penalty Waived
The Internal Revenue Service (“IRS”) has many tax penalties for taxpayers that fail to meet certain requirements.
Some of these penalties are:
* Failure to File
* Failure to File on Time
* Failure to Pay
* Penalty on Underpayment of Estimated Tax
Why Should The Penalty Be Waived?
It’s possible an IRS penalty can be waived. Possible being the key word. Just … Continue reading »
How to Save $267,892 of Income Tax, Penalties and Interest
A new client came to us late last summer.
She dropped off a notice from the Internal Revenue Service (“IRS”). It indicated her and her husband owed $267,892 of back taxes, penalties and interest. I don’t know about you, but that’s a lot of money to me.
As we reviewed the paperwork she provided, it quickly became apparent she did not declare the sale of … Continue reading »
